Paul Chan’s new budget sets aside HK$30 billion to kick-start Northern Metropolis
South China Morning Post
by Oscar LiuFebruary 25, 2026
AI-Generated Deep Dive Summary
Hong Kong’s Financial Secretary Paul Chan Mo-po has unveiled plans to allocate HK$30 billion (US$3.8 billion) to kickstart the development of the Northern Metropolis, a major megaproject aimed at transforming the region into a thriving economic and technological hub. Under this initiative, three key developments—Hetao Hong Kong Park, San Tin Technopole, and Hung Shui Kiu Industrial Park—will each receive HK$10 billion in funding through public-private partnerships. These investments are designed to unlock land potential and accelerate the growth of targeted industries, fostering innovation and economic transformation.
The announcement highlights the government’s commitment to collaborating with developers, tech enterprises, and other stakeholders to prioritize the development of these projects. Chan emphasized that this tripartite cooperation will channel resources toward emerging sectors, enabling businesses to play a more active role in Hong Kong’s technological evolution. Over 60 companies have already moved into the first two buildings of Hetao Hong Kong Park’s Phase 1, achieving an occupancy rate of 80%, signaling early success and momentum for the project.
This initiative is particularly significant as it aligns with global trends toward innovation-driven economies and underscores Hong Kong’s position as a key player in Asia’s tech landscape. By leveraging public resources and private sector expertise, the government aims to create a dynamic ecosystem that attracts investment, drives technological advancements, and generates new industries. The funding injection will not only boost development but also position the Northern Metropolis as a global hub for innovation and economic growth.
The allocation reflects Hong Kong’s strategic focus on sustainable development and its ambition to lead regional and international efforts in tech and industry transformation. With these investments, the city is poised to enhance its competitiveness on the world stage, offering opportunities for businesses and investors alike to participate in this transformative project.
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Originally published on South China Morning Post on 2/25/2026